The government has increased import duty on raw sugar to 40% from 15%. Subsidies of Rs. 3300/tn on raw sugar export has been extended till September. Ethanol blending with petrol in increased to 10% from 5%. Also, the repayment of interest free loan on excise duty has been increased to 5 years instead of 3 years.
Prices gained last month as the government announced a host of incentives to protect the domestic industry and forecast of below normal rains.
According to the Ministry of Agriculture, sugarcane sowing as on 24th July, 2014 stands at 4.64 mn ha as against 5.03 mn ha last year.
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